11 January 2021
Marks and Spencers buy Jaegar out of administration. Purchase figures have not been disclosed.
Boss of M&S's clothing and home division, Richard Price, explains: "We have set out our plans to sell complementary third-party brands as part of our Never The Same Again programme to accelerate our transformation and turbocharge online growth. In line with this, we have bought the Jaeger brand and are in the final stages of agreeing the purchase of product and supporting marketing assets from the administrators of Jaeger Retail Limited. We expect to fully complete later this month."
Purchase figures and exact details of the agreed deal have not been disclosed but it is believed that the purchase figures are around £5m. Rumours also suggest that the deal means no store staff from Jaegar will keep their jobs and physical sites, which are currently closed due to lockdown restrictions in the UK, will be expected to close for good.
5 January 2021
Today we hear that Marks and Spencers are very close to signing an agreement on a deal to acquire loss-making fashion brand Jaeger. Sources say the deal could be closed as soon as this week.
The deal is thought to involve the acquisition of Jaeger's brand and stock but not the standalone stores which remain after the 13 which were closed in November.
27 November 2020
Amid its collapse last week, Jaeger announce that 103 jobs will be axed (47 in-store positions and 56 head office roles) and 13 stores will be shut.
This leaves just 63 outlets and 244 staff whilst administrators, FRP Advisory oversee the insolvency and search for a buyer.
The online operations for Jaeger, including its online brands Jacques Vert and Austin Reed, continue to trade.
19 November 2020
Peacocks and Jaeger, fashion chains owned by Edinburgh Woollen Mill, have gone into administration.
This comes after the owner group failed to find a buyer for the two brands.
4,700 jobs are now at risk.
17 October 2020
Edinburgh Woollen Mill Group announce that 600 jobs will go, along with 50 sites. The sites mainly affected are Peacocks and Edinburgh Woollen Mill branches, with this mostly hitting at shop-floor workers.
09 October 2020
Edinburgh Woollen Mill Group, who own Peacocks and Jaeger brands has filed a notice to appoint administrators.
24,000 jobs are at risk.
This comes amid the difficult retail trading environment from coronavirus.
CEO, Steve Simpson said:
‘’This situation has grown in recent weeks as we have had to deal with a series of false rumours about our payments and trading which have impacted our credit insurance. Traditionally, the group has always traded with strong cash reserves and a conservative balance sheet but these stories, the reduction in credit insurance – against the backdrop of the lockdown – and now this second wave of Covid-19 and the local lockdowns, have made normal trading impossible’’.
‘’As directors we have a duty to the business, our staff, our customers and our creditors to find the very best solution in this brutal environment. So, we have applied to court today for a short breathing space to assess our options before moving to appoint administrators.’’
‘’Through this process I hope and believe we will be able to secure the best future for our businesses, but there will inevitably be significant cuts and closures as we work our way through this.’’
‘’I would like to thank all of our staff for their amazing efforts during this tie and also our customers who have remained so loyal and committed to our brands.’’